v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company's reportable operating segments include Same Store, Other Stabilized and Development/Redevelopment. Annually as of January 1, the Company determines which of its communities fall into each of these categories and generally maintains that classification throughout the year for the purpose of reporting segment operations, unless disposition or redevelopment plans regarding a community change. In addition, the Company owns land for future development and has other corporate assets that are not allocated to an operating segment.

The Company's segment disclosures present the measure(s) used by the Chief Operating Decision Maker ("CODM") for assessing each segment's performance. The Company's CODM is comprised of several members of its executive management team, including its Chief Executive Officer and President, Chief Financial Officer, Chief Investment Officer, Chief Operating Officer, and Executive Vice President- Portfolio and Asset Management. The CODM uses net operating income ("NOI") as the primary financial measure for Same Store communities and Other Stabilized communities. NOI is defined by the Company as total property revenue less direct property operating expenses (including property taxes), and excluding corporate-level income (including management, development and other fees), property management and other indirect operating expenses, net of corporate income, expensed transaction, development and other pursuit costs, net of recoveries, interest expense, net, loss on extinguishment of debt, net, general and administrative expense, income from unconsolidated investments, Structured Investment Program interest income, depreciation expense, income tax expense (benefit), casualty and impairment loss, gain on sale of communities, other real estate activity and net operating income from real estate assets sold or held for sale. The CODM evaluates the Company's financial performance on a consolidated residential and commercial basis. The commercial results attributable to the non-apartment components of the Company's mixed-use communities and other nonresidential operations represent 1.4% and 1.8% of total NOI for the three months ended June 30, 2025 and 2024, respectively, and 1.7% and 1.7% of total NOI for the six months ended June 30, 2025 and 2024, respectively. Although the Company considers NOI a useful measure of a community's or communities' operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities, as determined in accordance with GAAP. NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income and consistent with how the Company's CODM evaluates total NOI.

A reconciliation of NOI to net income for the three and six months ended June 30, 2025 and 2024 is as follows (dollars in thousands):
 For the three months ended June 30,For the six months ended June 30,
 2025202420252024
Net income$269,855 $254,007 $506,452 $427,564 
Property management and other indirect operating expenses, net of corporate income38,153 37,553 74,253 72,757 
Expensed transaction, development and other pursuit costs, net of recoveries2,493 1,417 7,237 5,662 
Interest expense, net64,801 57,078 124,665 111,844 
General and administrative expense22,997 19,586 42,777 39,917 
Loss (income) from unconsolidated investments1,052 (866)2,051 (8,595)
Structured Investment Program interest income(6,937)(3,956)(13,050)(7,074)
Depreciation expense231,730 206,923 449,618 419,192 
Income tax benefit(531)(62)(647)(84)
Casualty loss858 — 858 2,935 
Gain on sale of communities(99,457)(68,556)(155,926)(68,486)
Other real estate activity(3,637)(181)(3,792)(322)
Net operating income from real estate assets sold or held for sale(7,720)(19,684)(17,797)(40,298)
        Net operating income$513,657 $483,259 $1,016,699 $955,012 
The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands):
For the three months ended June 30,For the six months ended June 30,
2025202420252024
 Rental income from real estate assets sold or held for sale$11,622 $29,576 $26,473 $59,880 
 Operating expenses from real estate assets sold or held for sale(3,902)(9,892)(8,676)(19,582)
Net operating income from real estate assets sold or held for sale$7,720 $19,684 $17,797 $40,298 

The primary performance measure for communities under development or redevelopment depends on the stage of completion. While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget.

The following table details the Company's segment information as of the dates specified (dollars in thousands). The segments are classified based on the individual community's status at January 1, 2025. Segment information for the three and six months ended June 30, 2025 and 2024 has been adjusted to exclude the real estate assets that were sold from January 1, 2024 through June 30, 2025, or otherwise qualify as held for sale as of June 30, 2025, as described in Note 6, "Real Estate Disposition Activities."

For the three months ended June 30, 2025
Same StoreOther StabilizedDevelopment / RedevelopmentTotal (1) (2)
Total Revenue$695,188 $42,537 $9,254 $746,979 
Same Store Operating Expense
Property Taxes(78,090)(78,090)
Payroll(39,719)(39,719)
Repairs & Maintenance(38,811)(38,811)
Utilities(25,437)(25,437)
Office Operations(16,035)(16,035)
Insurance(10,174)(10,174)
Marketing(4,834)(4,834)
Same Store Operating Expense(213,100)— — (213,100)
Non-Same Store Operating Expense— (15,252)(4,970)(20,222)
Total Expenses(213,100)(15,252)(4,970)(233,322)
Total NOI$482,088 $27,285 $4,284 $513,657 
Gross Real Estate$24,050,110 $2,239,024 $2,068,762 $28,357,896 
For the three months ended June 30, 2024
Same StoreOther StabilizedDevelopment / RedevelopmentTotal (1) (2)
Total Revenue$675,912 $17,415 $1,308 $694,635 
Same Store Operating Expense
Property Taxes(76,376)(76,376)
Payroll(37,641)(37,641)
Repairs & Maintenance(37,766)(37,766)
Utilities(23,804)(23,804)
Office Operations(15,693)(15,693)
Insurance(10,261)(10,261)
Marketing(4,002)(4,002)
Same Store Operating Expense(205,543)— — (205,543)
Non-Same Store Operating Expense— (4,834)(999)(5,833)
Total Expenses(205,543)(4,834)(999)(211,376)
Total NOI$470,369 $12,581 $309 $483,259 
Gross Real Estate$23,783,170 $1,195,110 $1,057,198 $26,035,478 
For the six months ended June 30, 2025
Same StoreOther StabilizedDevelopment / RedevelopmentTotal (1) (2)
Total Revenue$1,385,346 $74,859 $16,061 $1,476,266 
Same Store Operating Expense
Property Taxes(154,170)— — (154,170)
Payroll(78,973)— — (78,973)
Repairs & Maintenance(76,521)— — (76,521)
Utilities(55,101)— — (55,101)
Office Operations(31,751)— — (31,751)
Insurance(20,347)— — (20,347)
Marketing(8,492)— — (8,492)
Same Store Operating Expense(425,355)— — (425,355)
Non-Same Store Operating Expense— (25,466)(8,746)(34,212)
Total Expenses(425,355)(25,466)(8,746)(459,567)
Total NOI$959,991 $49,393 $7,315 $1,016,699 
Gross Real Estate$24,050,110 $2,239,024 $2,068,762 $28,357,896 
For the six months ended June 30, 2024
Same StoreOther StabilizedDevelopment / RedevelopmentTotal (1) (2)
Total Revenue$1,345,694 $27,839 $1,862 $1,375,395 
Same Store Operating Expense
Property Taxes(151,710)— — (151,710)
Payroll(76,626)— — (76,626)
Repairs & Maintenance(70,785)— — (70,785)
Utilities(52,280)— — (52,280)
Office Operations(31,461)— — (31,461)
Insurance(19,620)— — (19,620)
Marketing(7,143)— — (7,143)
Same Store Operating Expense(409,625)— — (409,625)
Non-Same Store Operating Expense— (9,197)(1,561)(10,758)
Total Expenses(409,625)(9,197)(1,561)(420,383)
Total NOI$936,069 $18,642 $301 $955,012 
Gross Real Estate$23,783,170 $1,195,110 $1,057,198 $26,035,478 
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(1)Does not include non-allocated revenue. Non-allocated revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment. Non-allocated revenue is $1,594 and $1,830 for the three months ended June 30, 2025 and 2024, respectively, and $3,336 and $3,625 for the six months ended June 30, 2025 and 2024, respectively.
(2)    Does not include non-allocated gross real estate and land held for development. Non-allocated gross real estate is $117,894 and $117,171 as of June 30, 2025 and 2024, respectively. Land held for development gross real estate is $101,066 and $174,997 as of June 30, 2025 and 2024, respectively.